Cipher Mining (NASDAQ:CIFR) Given New $15.00 Price Target at Needham & Company LLC

Cipher Mining (NASDAQ:CIFR) had its price objective hoisted by Needham & Company LLC from $10.00 to $15.00 in a research report released on Tuesday, MarketBeat.com reports. Needham & Company LLC currently has a buy rating on the stock.

Several other research analysts have also recently commented on the company. HC Wainwright increased their price target on Cipher Mining from $7.50 to $17.00 and gave the company a “buy” rating in a research report on Monday. Macquarie increased their price target on Cipher Mining from $8.00 to $16.00 and gave the company an “outperform” rating in a research report on Monday. Canaccord Genuity Group increased their price target on Cipher Mining from $12.00 to $16.00 and gave the company a “buy” rating in a research report on Monday. Arete Research began coverage on Cipher Mining in a research report on Wednesday, September 24th. They set a “buy” rating and a $24.00 price target for the company. Finally, Rosenblatt Securities increased their price target on Cipher Mining from $9.00 to $14.00 and gave the company a “buy” rating in a research report on Monday. Twelve equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Cipher Mining currently has an average rating of “Moderate Buy” and a consensus target price of $15.23.

Cipher Mining Stock Down 0.5%

NASDAQ:CIFR opened at $12.59 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The company has a market cap of $4.95 billion, a PE ratio of -29.28 and a beta of 2.76. Cipher Mining has a 52-week low of $1.86 and a 52-week high of $15.54. The stock has a 50-day simple moving average of $7.99 and a 200 day simple moving average of $5.16.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.12). Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%.The business had revenue of $43.57 million during the quarter, compared to the consensus estimate of $51.89 million. On average, sell-side analysts expect that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Holding Ltd V3 sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $12.08, for a total value of $24,160,000.00. Following the completion of the sale, the insider directly owned 67,852,537 shares of the company’s stock, valued at $819,658,646.96. This trade represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Patrick Arthur Kelly sold 44,870 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $10.80, for a total value of $484,596.00. Following the completion of the sale, the chief operating officer directly owned 1,044,390 shares of the company’s stock, valued at approximately $11,279,412. The trade was a 4.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,901,254 shares of company stock valued at $210,570,720. Insiders own 2.89% of the company’s stock.

Institutional Trading of Cipher Mining

Several hedge funds have recently added to or reduced their stakes in the company. Mackenzie Financial Corp lifted its holdings in Cipher Mining by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock worth $61,000 after purchasing an additional 2,754 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in Cipher Mining by 7.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company’s stock worth $183,000 after purchasing an additional 2,812 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Cipher Mining by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 27,990 shares of the company’s stock worth $64,000 after purchasing an additional 2,940 shares during the last quarter. DLK Investment Management LLC lifted its holdings in Cipher Mining by 18.4% during the 2nd quarter. DLK Investment Management LLC now owns 19,300 shares of the company’s stock worth $92,000 after purchasing an additional 3,000 shares during the last quarter. Finally, SBI Securities Co. Ltd. lifted its holdings in Cipher Mining by 13.0% during the 1st quarter. SBI Securities Co. Ltd. now owns 29,948 shares of the company’s stock worth $69,000 after purchasing an additional 3,455 shares during the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

About Cipher Mining

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.